For long, the double properties of public and corporate natures ii1vested in state businesses have remained controversial. Along with the changes of era and environment, the preservation and abolishment of state businesses have also turned into another new issue; meanwhile, such issue also involves whether the public property can be covered under corporate mechanism after privatization. The privatization of Japan's three major state businesses has often been deemed as successful cases. Therefore, this study proposes basing on the privatization of Japan in delineating Japan's concept of privatization first, followed by exploring the meanings of public and corporate properties from theoretical perspective for further narrowing the focus on private corporations in discussing the so called the essential elements that constitute the public and corporate properties after privatization. Attempts are also made in endowing clearer definition for future reference in evaluating, reviewing privatization.